17/10/2011 (Daily Times) - Swinging prices of ghee and cooking oil in the retail markets of Karachi has posed financial hardship for consumers.

In the wake of unabated cycle of upward revision in prices of ghee and cooking oil related products by their manufacturers, sale of the commodities have declined considerably at majority of retail outlets as claimed by leading retailers of the city.

Some fortnight ago, manufacturers of Meezan brand cooking oil reduced price of their products at a ratio of Rs 4 to Rs 5 per kg as the both the commodities were available at Rs 149 per kg in the retail market but without any tangible reason their prices were enhanced twice during the last 10 days.

Consequently they are currently available at Rs 157 per kg at retail outlets which has resulted in sharp decline in their demand, as claimed by the General Secretary, Karachi Retailers and Grocer Group, Anees Majeed talking to Daily Times said, “An overwhelming majority of the consumers, owing to a regular swinging prices of ghee and cooking oil, now prefer to buy less than half of their needs manifesting their dwindling purchasing power”.

He said all leading ghee and oil manufacturing and importing companies, in the garb of increase in palm oil prices in the international market, which they claim, have gone up recently.

Ironically majority of the importers and manufacturers have one to two months of stocks in their warehouses but they never miss an opportunity to reap maximum financial benefits in case of any increase in international market. He challenged contention of local ghee and cooking oil manufacturers of upward revision in their rates in the global market terming it as mere excuse for extorting money from helpless consumers.

Unless government does not proceed against scrupulous elements involved in making overnight profits, consumers’ rights would continue to be exploited without any hindrance, he added. He admitted purchasing power of large number of consumers as a consequence of regular increase in prices of ghee and cooking oil related products, have sharply declined and now majority of them have cut their daily needs in view of burgeoning prices.